FinTech news in BaaS category

Banking-as-a-service platforms have become popular with companies trying to embed financial services into their offerings because large, incumbent banks have been relatively slow to bring their services up to speed with the pace of change in the world of tech and banking. Other investors in the round include Golden Palm Investments Corporation, Michael Vaughn (ex-COO, Venmo), Fintech Fund, Babs Ogundeyi (CEO, Kuda) Armyn Capital, Dunbar Capital, Strawhat Investment, Polymath Capital, Unpopular Ventures, Sean Mahsoul and MyAsiaVC. However, when outside requests flocked in en masse, they finally arranged to beta-launch Maplerad, the infra product that allows companies to embed powerful financial features like accounts, payments, FX and cards into their products, this August. In the latest development, Maplerad, a fintech described by its founders Miracle Anyanwu and Obinna Chukwujioke as a global BaaS player targeting Africa, has raised $6 million in seed funding.

In other words, Unit touts that companies using its technology in a variety of industries — such as freelance or creator economy and personal financial management, for example — can build financial products directly into their software.

Founded in 2007 by Perez and Oscar Garcia Mendoza, who now serves as chairman of Novopayment’s board, NovoPayment had been bootstrapped since inception until it raised its Series A round earlier this year, the company announced today. Novopayment has been focused since its founding on building out a tech stack that ties all the critical processes together for financial institutions to build out their digital banking services.